Brokerages back Titan, Kalyan as India lifts gold import duty to 15%
Antique and JM Financial retain positive ratings on organised jewellers, arguing Titan, Kalyan and Senco are better prepared for the duty hike than in prior cycles via lightweight jewellery, exchange buying and formalisation. Titan FY26 jewellery sales seen up 45%, Senco 9M EBITDA up 135%.
India raised gold import duty to 15% with stricter norms. Antique and JM Financial retained positive ratings on Titan, Senco and Kalyan, arguing organised jewellers are better prepared than in prior duty cycles, aided by lightweight jewellery, exchange buying and formalisation.